Puig has acquired a majority stake in Byredo, the Swedish fragrance and beauty brand founded by Ben Gorham.
Both Gorham and Manzanita Capital, which bought a majority stake in Byredo in 2013, will remain as shareholders.
Gorham will also continue his creative leadership of the brand as its Chief Creative Officer.
While a Byredo sale has long been rumoured, L’Oréal was previously fancied as the frontrunner, with a takeover described as ‘imminent’ as recently as a fortnight ago.
The Puig deal’s financials were not disclosed, but Byredo was recently valued at around €1bn.
“We are thrilled to welcome Byredo, as it perfectly reinforces Puig's purpose of empowering people’s self-expression, and a strong and conscious commitment in the ESG [environmental, social and governance] agenda,” commented Puig Chairman and CEO Marc Puig.
“Puig will contribute our expertise and resources to the development of this unique brand, which represents modern luxury with a strong consumer connection.
“This new acquisition marks a new key milestone in Puig’s ambition to develop a business with a strong portfolio of purpose driven brands.”
“Since 2006, I have been fortunate to work with people who believed in a brand that could redefine a luxury and beauty culture, one that was aspirational yet inclusive,” said Gorham.
“The brand has experienced steady and significant growth over the last 15 years and each phase has presented new challenges and opportunities.
“I really believe that Puig’s experience with founder-led brands in beauty and fashion will help us realise our full potential in multiple categories.
“Puig has demonstrated a competitive and disruptive approach to building business – something that truly resonates with the culture that is Byredo.”
Byredo will join the likes of Carolina Herrera, Nina Ricci, Paco Rabanne and Jean Paul Gaultier as one of Puig’s owned brands.
The Spanish company also holds the licences for names including Christian Louboutin and Comme des Garçons.
Byredo’s range of beauty, home, leather goods and accessories is sold in 55 countries around the world.